to find out from the bank if your mortgage loan was securitized
Joseph Earnest August 10, 2011
HOUSTON, Texas --
I get asked a lot of questions regarding the securitization process, especially
how a homeowner can find out if his or her loan was sold into a pool of
assets on the secondary market.
first step is writing a "Qualified Written Request" to your bank.
By law they should respond to you or face severe penalties. I
am not a lawyer, and this is not intended to be considered legal advice.
Below is a sample Qualified Written Request for demostrative and educational
RE: Loan Number XXXXXXXXXXXX
This letter is a “Qualified
Written Request” under the Federal
Servicer Act, which is a part of the Real Estate Settlement Procedures Act, 12
U.S.C. 2605(e). This request is made on the above referenced account.
Specifically, I am requesting the following information:
A complete and itemized statement of the loan history from the date of the loan
to the date of this letter including, but not limited to, all receipts by way
of payment or otherwise and all charges to the loan in whatever form. This
history should include the date of each and every debit and credit to any
account related to this loan, the nature and purpose of each such debit and
credit, and the name and address of the payee of any type of disbursement
related to this account.
2. As the Servicer, provide(a) the name of the Noteholder-- Who is its
Principal, and (b) a copy of an agreement with the Principal that
authorizes the Servicer to collect monthly payments on its behalf.
3. Have you purchased and charged to the account any Vendor’s Single Interest
4. A complete and itemized statement of any late charges to this loan from the
date of this loan to the date of this letter.
5. The amount, if applicable, of any “satisfaction fees.”
6. A complete and itemized statement from the date of the loan to the date of
this letter of any fees incurred to modify, extend, or amend the loan or to
defer any payment due under the terms of the loan.
7. A complete and itemized statement of the amount, payment date, purpose and
recipient of all fees for the preparation and filing of the original proof of
claim, any amended proofs of claim, or any supplemental proofs of claim related
to this mortgage.
8. The full name, address and phone number of the current holder of this debt
including the name, address and phone number of any Trustee or other fiduciary.
This request is being made pursuant to Section 1641(f)(2) of the Truth In
Lending Act, which requires the servicer to identify the holder of the debt.
9. The name, address and phone number of any master servicers, servicers,
sub-servicers, contingency servicers, back-up servicers or special servicers
for the underlying mortgage debt.
10.Was the loan securitized?
Please provide a copy of any mortgage Pooling and
Servicing Agreement and all Disclosure Statements provided to any Investors
with respect to any mortgage-backed security trust or other special purpose
vehicle related to the said Agreement and any and all Amendments and
11. If a copy of the Pooling and Servicing Agreement has been filed with the
SEC, provide a copy of SEC Form 8k and the Prospectus Supplement, SEC Form
12. The name, address and phone number of any Trustee under any Pooling or
Servicing Agreement related to this loan.
13. A copy of the Prospectus offered to investors in the trust.
14.The name of the Trust on whose
behalf the Trustee acts.
15. Copies of all servicing, master servicing, sub-servicing, contingency
servicing, special servicing, or back-up servicing agreements with respect to
16. All written loss-mitigation rules and work-out procedures related to any
defaults regarding this loan and similar loans.
17. The procedural manual used with respect to the servicing or sub-servicing
of this loan.
18. A summary of all fixed or standard legal fees approved for any form of
legal services rendered in connection with this account.
19. Is this loan subject to any Electronic Tracking Agreement? If the answer is
yes, then state the full name and address of the Electronic Agent and the full
name and address of the Mortgage Electronic Registration System.
20. Is the servicing of this loan
provided pursuant to any type of mortgage electronic registration system? If
the answer is yes, then attach a copy of the mortgage electronic registration
system procedures manual.
21. Is this a MERS Designated Mortgage Loan? If the answer is yes, then
identify the electronic agent and the type of mortgage electronic system used
by the agent.
22. Is this mortgage part of a Mortgage
Warehouse Loan? If so, then state the full name and address of the Lender and
attach a copy of the Warehouse Loan Agreement.
23. Upon any default or notice of default, state whether or not the Mortgage
Warehouse Lender has the right to override any servicers or sub-servicers and
provide instructions directly to the Electronic Agent? If the answer is yes,
then specifically identify the legal basis for such authority.
24. Is this mortgage part of a Whole Loan Sale Agreement? If the answer is yes,
then state the name and address of the Purchaser, the Custodian, the Trustee,
the Electronic Agent and any Servicer or Sub-Servicers.
You should be advised that you must acknowledge receipt of this qualified
written request within 20 business days, pursuant to 12 U.S.C. Section
2605(e)(1)(A) and Reg. X Section 3500.21(e)(1).
You should also be advised that I will seek the recovery of damages, costs, and
reasonable legal fees for each failure to comply with the questions and
requests herein. I also reserve the right to seek statutory damages for each
violation of any part of Section 2605 of Title 12 of the United States Code.
*Also note that mortgage servicers are
required to fully answer all these questions within 60 days from the date they
receive this letter in addition to acknowledging receipt of your request in the
first 20 days. During that time they are forbidden to report late-pays to the
bureaus as well.